UBS analyst David Vogt raised the firm’s price target on IBM (IBM) to $170 from $160 and keeps a Sell rating on the shares. IBM reported revenue in-line with expectations, but Software growth was just 9% in constant currency, a 200 basis point deceleration quarter over quarter, implying “underwhelming” organic growth of 6%, the analyst tells investors in a research note. If Consulting does not grow, Software has to grow low double digits in the second half against double digit comps at Red Hat and Transaction Processing, a high bar, UBS says
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